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Winners and losers from Albanese’s first Australian budget

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Labor has delivered its first Australian federal budget since 2013, with Treasurer Jim Chalmers addressing the nation.

As Australians face increasing cost of living pressures, the government is hoping to fulfill some election promises and set the tone for how it will govern.

Winners and losers

Families – Winner. There’s $4.7 billion worth of spending in the budget over the next four years.

Wages – Loser. Rising inflation means real wages are expected to continue to go backwards for another year at least. Unemployment is forecast to increase and the electricity and gas forecasts are so concerning that Treasurer Jim Chalmers is even threatening market intervention.

The environment – Winner. More money has been set aside for conservation.

Law breakers – Loser. Fines are set to increase, for example for tax evasion.

This financial year’s deficit forecast has halved and net debt is tipped to be about $100 million lower than originally forecast for 2026.

But Australia is facing a future where an ageing population is going to hit the government in two ways — fewer people paying income tax and greater welfare payments.

Female participation

Labor’s focus is firmly on improving female workforce participation with its election policy to increase childcare subsidies for families earning less than $530,000 a year.

“Cheaper child care is a game-changing investment in families, our workforce, and our economy,” he argued early in his budget speech.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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TikTok could be banned in the United States

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TikTok in the firing line after Chinese balloon was shot down

 
China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

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Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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